Organization of Petroleum Exporting Countries (Opec) and participating non-Opec countries have achieved a conformity level of 149 per cent in March with their voluntary production adjustments, the highest level so far, said a joint ministerial monitoring committee (JMMC) in its report.
''Once again, participating countries have demonstrated unwavering dedication to achieving the rebalancing of the global oil market, as demonstrated by the high conformity level of 149 per cent," stated the report.
Their collective efforts continue to yield positive results, with market fundamentals being solid. OECD commercial stock levels have been adjusted from a peak of 3.12 billion barrels in July 2016 to 2.83 billion barrels in March 2018, corresponding to a drop of 300 million barrels, it added.
Nevertheless, JMMC said the current commercial stocks remained above levels seen before the market downturn.
The highest conformity for the month of March 2018 followed successive months of record-breaking performances, it added.
The Opec-non-Opec joint panel urged all participating countries to remain focused on and, where necessary, intensify their efforts on the basis of the core principles of transparency, fairness and equity, which are central to the "Declaration of Cooperation."
Given the ongoing transformative impact which the "Declaration of Cooperation" has on the global oil market, the JMMC said it will continue to think through further means of strengthening the co-operation.
The next JMMC Meeting is scheduled to be held on June 21 at the Opec Secretariat in Vienna, Austria.